LKQ posts record first quarter
LKQ Corporation reported diluted earnings
per share from continuing operations of $0.36 for the first quarter
ended March 31, 2010, an increase of 63.6 percent from $0.22
for the first quarter of 2009. Revenue for the first quarter
was $603.5 million, an increase of 18.1 percent as compared to
$510.9 million for the same period of 2009. Income from continuing
operations for the first quarter of 2010 was $52.0 million, an
increase of 62.4 percent as compared to $32.0 million for the
same period of 2009.
In April 2010, LKQ received ratings upgrades from both Moody’s
Investors Service and Standard & Poor’s Ratings Services.
Moody’s upgraded the rating of LKQ’s senior secured debt facilities
and the corporate family rating to Ba2. Standard & Poor’s
raised the rating of LKQ’s senior secured debt to investment
grade BBB and LKQ’s corporate credit rating to BB.
During the first quarter of 2010, LKQ entered the tire recycling
industry with its acquisition of a tire recycling business in
Sterling, Connecticut. The acquired business had historical revenue
of approximately $3 million in 2009. Also in the first quarter,
LKQ opened start-up self service retail locations in Savannah,
Georgia and Durham, North Carolina, and a heavy-duty truck facility
in Monterrey, Mexico.
In January 2010, LKQ completed previously announced divestiture
transactions with the sale of two self service retail facilities
in Dallas, Texas to Schnitzer Steel Industries, Inc. The results
of the facilities sold have been classified as discontinued operations
for all periods presented.